Taiex swings 1,757 points on record turnover, ends lower

Taipei, April 23 (CNA) Shares in Taiwan fluctuated sharply Thursday, with the benchmark index swinging more than 1,700 points before closing lower, as profit-taking set in after the market hit a fresh intraday high.

The Taiex, the Taiwan Stock Exchange's (TWSE) main index, surged to an all-time high of 38,921.95 before reversing to a low of 37,164.44, marking an intraday swing of 1,757.51 points.

The index ended down 164.32 points, or 0.43 percent, at 37,714.15, with turnover hitting a record NT$1.4 trillion (US$44.37 billion).

Taiwan Semiconductor Manufacturing Co. (TSMC), the market's most heavily weighted stock, hit an intraday high of NT$2,135 before closing at NT$2,080, up NT$30, contributing about 238 points to the index. Its market capitalization reached NT$53.93 trillion.

Among other major stocks, Hon Hai Precision Industry Co. rose NT$4, while Delta Electronics Inc., MediaTek Inc., Quanta Computer Inc., Aspeed Technology Inc. and Jentech Precision Industrial Co. all closed lower, dragging the electronics sector index down 0.25 percent.

High-priced stocks weakened, with Advanced Echem Materials Co. and United Integrated Services Co. falling below NT$1,000 to NT$997 and NT$975, leaving 45 such stocks on the market.

Most traditional sectors declined, led by glass shares, which fell more than 6 percent. Plastics and cable stocks dropped over 3 percent, while textile, paper, steel, auto, shipping, tourism and retail shares all lost more than 1 percent. Cement and construction stocks bucked the trend to close higher.

Senior analyst Wang Zhao-li (王兆立) said the index's gain of more than 7,000 points since early April had triggered profit-taking, resulting in sharp volatility and record turnover. He said the market may enter a consolidation phase as selling pressure eases.

Fubon Investment Services Chairman Eric Chen (陳奕光) said the upsurge has been driven by ETF inflows, ample liquidity, funds shifting from property and strong AI demand.

Solid fundamentals, including first-quarter revenue growth of 24.3 percent posted by listed companies, should support a push toward 40,000 points, he added.

According to the TWSE, foreign institutional investors were net sellers of NT$2.79 billion worth of shares Thursday.